\begin{tabular}{l*{5}{c}} \toprule
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}\\
\midrule
\textbf{Panel A:} Brazil&                      &                      &                      &                      \\
\addlinespace
Conventional        &                -0.024&                -0.028&                -0.015&                -0.022\\
                    &       [-0.044,-0.003]&       [-0.045,-0.010]&        [-0.041,0.011]&        [-0.045,0.002]\\
\addlinespace
Robust              &                -0.019&                -0.026&                -0.034&                -0.022\\
                    &        [-0.050,0.013]&       [-0.049,-0.002]&        [-0.075,0.007]&        [-0.053,0.010]\\
\midrule
\textit{N}          &                 37410&                109989&                 23209&                 65286\\
Bandwidth           &                  2.18&                  6.52&                  1.37&                  3.83\\


\midrule
Conventional        &                 0.011&                -0.002&                 0.014&                -0.001\\
                    &        [-0.009,0.031]&        [-0.023,0.018]&        [-0.010,0.038]&        [-0.025,0.024]\\
\addlinespace
Robust              &                 0.002&                 0.003&                -0.024&                 0.007\\
                    &        [-0.027,0.032]&        [-0.024,0.029]&        [-0.061,0.012]&        [-0.027,0.040]\\
\midrule
\textit{N}          &                 29218&                 61116&                 20051&                 42032\\
Bandwidth           &                  3.93&                  9.06&                  2.67&                  5.84\\


\midrule
\textbf{Panel C:} Denmark&                      &                      &                      &                      \\
\addlinespace
Conventional        &                 0.147&                 0.112&                 0.071&                 0.028\\
                    &         [0.053,0.242]&         [0.005,0.220]&        [-0.035,0.176]&        [-0.089,0.145]\\
\addlinespace
Robust              &                -0.095&                -0.071&                -0.142&                -0.161\\
                    &        [-0.241,0.051]&        [-0.210,0.067]&        [-0.307,0.023]&       [-0.321,-0.001]\\
\midrule
\textit{N}          &                  1050&                  1335&                   935&                  1227\\
Bandwidth           &                  3.23&                  6.71&                  2.49&                  4.99\\


\midrule
Conventional        &                 0.014&                 0.038&                 0.012&                 0.004\\
                    &        [-0.012,0.041]&         [0.012,0.063]&        [-0.021,0.044]&        [-0.022,0.030]\\
\addlinespace
Robust              &                 0.010&                -0.012&                 0.009&                -0.009\\
                    &        [-0.033,0.052]&        [-0.041,0.016]&        [-0.044,0.061]&        [-0.047,0.029]\\
\midrule
\textit{N}          &                 26968&                 90128&                 18016&                 67523\\
Bandwidth           &                  0.86&                  2.84&                  0.61&                  1.93\\
Bandwidth selector  &                   MSE&                   MSE&                   CER&                   CER\\
Polynomial          &                Linear&             Quadratic&                Linear&             Quadratic\\
\bottomrule \end{tabular}
